The stock corrects and breaks through the $40 level and recovers RRR bought lots of loyalty in the local market with its treatment of employees, continuing to pay them through the pandemic’s dark days. The chart highlights the rally that took the leading local’s resort company over 2000% higher to a $58.74 peak in late October 2021. Closures and uncertainty sent Red Rock Resorts (RRR) shares to an all-time $2.76 low.Īs Las Vegas, the U.S., and the world emerged from the lockdowns, stimulus checks and the pent-up demand for socializing and entertainment caused RRR and many other casino stocks to explode higher. The 2020 global pandemic hit the Las Vegas casino industry like a ton of bricks. RRR shares exploded from the March 2020 low to the October 2021 high The correction could be a buying opportunity as the company rolls out its newest property this month, the Durango Casino and Resort, serving a growing neighborhood in the ever-expanding Las Vegas community.
After reaching $51.35 in July 2023, RRR corrected and is now at the $41.50 level in early November. ( NASDAQ: RRR) was at the $46.43 per share level on May 4, and the stock was trading in a bullish trend, making higher lows and higher highs. So long as RRR loves locals, the community will return the favor. In a May 2023 Seeking Alpha article, I wrote, “ Management has proven that they are on top of the changing demographics in Las Vegas, which continues to grow.
